The royal family of Abu Dhabi has reached an agreement to purchase 67.91% of Tendam, the company that owns chains such as Cortefiel, Springfield, Women’s Secret, and Pedro del Hierro from the CVC and PAI funds.
The operation, which has been carried out through Multiply Group, means that both CVC and PAI will retain 32.09% of the capital after valuing the company at around €1.5 billion, below the €2 billion that the group’s shareholders were aiming for when they unsuccessfully attempted to take the company public last year.
The group has a network of around 1,800 establishments and about 10,000 employees, highlighting its loyalty club and logistics model. By 2030, Multiply aims to double the size of Tendam, which closed last January with an annualized revenue (LTM) of €1.4 billion and a recurring EBITDA of €341 million.
CVC and PAI entered the group, which was then called Cortefiel, in 2006 after being involved in a takeover battle that also included Permira. The three funds eventually agreed to exclude the company from the stock market – from which it has not managed to return after several attempts – and to share it equally. In 2017, CVC and PAI reinvested and repurchased their 33% stake from Permira.
